Boat Owners Seek Approval To Access CVFF For Fleet Upgrade

The Strategy at Sustainable Waterways Awareness Advancement Advocacy (SWAAADO) has urged the Federal Government to give indigenous boat operators access to the Cabotage Vessel Financing Fund (CVFF) to acquire standard vessels, strengthen local maritime capacity and enhance safety on the country’s inland waterways.

SWAAADO also proposed a revolving loan scheme to enable boat operators acquire standard vessels and repay the loans over a period of five to 10 years, highlighting the urgent need for investment in a safer transport system.

The group, in its recent research, revealed that inland ferry services and coastal mass transportation fall within the mandate of the CVFF, supporting the inclusion of local boat operators under the scheme.

Head of Desk, SWAAADO, Gold Raymond, noted that if the funds cannot cover the acquisition of large ocean-going vessels, part of it should be directed to inland waterways, where it would have a more immediate and significant impact on safety and operations.

Raymond cited in the report the successful implementation of similar projects in countries such as India, the Philippines, and Tanzania, where funds initially meant for seagoing ships were partially redirected to improve the safety and quality of vessels used for local transportation.

“The coastal inland shipping lines capitalised and defined sea areas for post-worldly purposes as promoting indigenous ship ownership and providing credit facilities to maritime operators, including inland operators. Ferries for mass transportation clearly fall within this mandate, especially for coastal and inland waterways,” the report stated.

Raymond emphasised that this clearly supports the inclusion of local boat operators under the fund’s provisions.
Also speaking, a board member of the Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN), Larry Osaeren, supported the call for amendment of the Cabotage Act.

He said boats used on inland waterways and coastal routes operations are conventional means of transportation and should not be exempted from benefiting under the law.

Osaeren further argued that if the CVFF is insufficient to acquire large ocean-going vessels due to high capital requirements, the government should channel part of it towards strengthening inland water transport, where the impact would be more immediate and visible.